ASEAN Flexible Packaging Market to Expand at 5.7% CAGR due to Rising Implementation of Regulations Encouraging adoption of Green Material
Posted 16 Dec-2019 05:55 PM by kishor |
TMR anticipates that the ASEAN flexible packaging market is expected to witness growth with a CAGR of 5.7% during the forecast period between 2016 and 2024. This growth is primarily attributable to the high adoption of the advanced technologies coupled with robust investment in innovation and product improvement, which benefits market growth. Additionally, a robust increase in population coupled with rising their disposable income, which leads to increase the affordability of the advanced packaging materials. This factor is expected to propel market growth in the coming years and help it grab the value of US$6.71 bn by 2024-end. The market stood at a valuation of US$4.32 bn in 2015.
The flexible packaging market features consolidated vendor landscape owing to the presence of a limited number of international players in the market. The key players in the flexible packaging market include Amcor Limited, Sonoco Products Company, Constantia Flexibles GmbH, Mondi Group, Berry Plastics Group, Inc., and Bemis Company, Inc. Additionally, the new companies are entering in the flexible packaging market, which are continuously investing to explore the market potential. Further, these companies are looking to strengthen their position on the ASEAN flexible packaging market by adopting strategies including capacity expansion, mergers and acquisitions, and introduction of new products.
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Booming Packaged and Processed Food & Beverages Industry Benefits Market’s Growth
The flexible packaging market is largely gaining traction on the back of robust development of the food and beverages industry in the region. Robust development of the products and flourishing modern retail industry in the ASEAN region are benefiting the flexible packaging market and is likely to be a key factor to drive market growth in the coming years. Packaged and processed food industry in the ASEAN region is booming; thus, the key players in the flexible packaging market are targeting in the industry to boost their sales.
From the regional forefront, the flexible packaging market in Indonesia witnessed high demand than other countries in the region. This is likely due to the high adoption of flexible packaging such as bags, pouches, and films in the region for spill-proof packaging of food and beverages. Additionally, the market in Thailand is standing in the second position. However, the market in Vietnam, Myanmar, and the Philippines are expected to show the most lucrative growths.
Continuous Upgrade of Products May Offer Growth Opportunities in Coming Years
Rising knowledge of benefit and effectiveness of packaging of the snacks and beverages with flexible packaging is boosting demand for bags, rollstocks, pouches, and films. Moreover, the market in the ASEAN region is a benefit due to the rising implication of the several regulations for the safe packaging of food and beverages.
However, the restrictions on most of the materials used for manufacturing flexible packaging due to its non-recyclability, and the lengthy storage capacities of flexible packaging are hampering the growth of the global flexible packaging market. Furthermore, the material used for manufacturing some of the thin films comes under restrictions, which is negatively impacting on its sales and market growth too. Nonetheless, growing adoption of other materials for manufacturing these packaging and continuous upgrade of the products are likely to drive market growth in the coming years by offering robust growth opportunities.